LyondellBasell to convert Class B stock to Class A stock next week
04 December 2010
Petrochemicals major LyondellBasell will convert its Class B common stock to Class A common stock effective next week pursuant to the automatic conversion terms of the Class B common stock offer.
The shares will automatically be converted on a one-for-one basis and no action is required by shareholders, the company further said.
The earliest possible final pricing date could be at the close of business on 6 December with the conversion on 7 December, it added.
As per the terms of offer of the Class B common stock, these shares would be automatically converted to Class A common stock once the shares trade above $21.22 for at least 45 trading days within a period of 60 trading days, and close above the threshold on both the first and last days of the period.
LyondellBasell currently has approximately 566 million ordinary shares outstanding, including approximately 376 million Class A ordinary shares and approximately 189 million Class B ordinary shares, the company said.
With the conversion of Class B shares, all LyondellBasell stock will trade on the New York Stock Exchange under the 'LYB' symbol.